These housing markets are expected to see double-digit growth in sales in 2024

Toledo, Ohio, is expected to see the most growth in sales in 2024, up 18%

The US housing markets that saw the biggest declines in sales in 2023 are expected to achieve double-digit sales growth in the new year, according to Realtor.com data.

Industry economists with Real Estate Listings have determined the top 10 housing markets expected to do well in 2024 in terms of sales growth. Home sales are expected to increase slightly over the coming year across the country, but Realtor.com expects markets in the Northeast, Midwest and Southern California to "recover from significant sales declines in 2023."

In California, Oxnard, Riverside, Bakersfield, San Diego and Sacramento are among the markets expected to see double-digit sales growth, according to industry economists with the Real Estate Listings website. On average, these five metros are expected to grow sales by 13.1% in 2024. 

Toledo, Ohio; Las Vegas, Nevada and Springfield, Massachusetts are also expected to see a double-digit jump in sales activity. 

Overall, Oxnard, Toledo and Riverside are expected to see the biggest sales growth at 18 percent, 14 percent and 13.8 percent, respectively, according to the data. 

However, Toledo stands out as the only market on the list expected to do better than the average number of home sales in pre-pandemic periods.

Realtor.com economists noted that there are several factors that draw buyers to the Midwest and Northeast. First, they offer relatively affordable options compared to larger urban centers, according to the report. As of October, most of the metropolitan areas listed in Realtor.com's top 10 metropolitan areas had median listing prices below the national average. 

The top markets in these areas "also exhibit a degree of insulation from the impact of higher mortgage rates," according to the Realtor.com report. This is largely due to a higher proportion of homeowners living in housing units without a mortgage. 

Toledo has the highest share of homeowners among the top 10 markets who own their homes outright at 41.2 percent, according to the latest American Community Survey. 

Additionally, economists at Realtor.com reported that the Midwest and Northeast offer a higher quality of life with cultural amenities, recreational opportunities and educational institutions. 

Here is Realtor.com's list of the top ten housing markets of 2024 and their expected average sales growth: 

1. Toledo, Ohio: An average of 14% expected sales growth in 2024.

2. Oxnard-Alf Ox-Ventura, CA: 18%

3. Rochester, New York: 6.2%

4. San Diego-Chula Vista-Carlsbad, CA: 11%

5. Riverside-San Bernardino-Ontario, California: 13.8%

6. Bakersfield, California: 13.4%

7. Springfield, Massachusetts: 10.5%

8. Worcester, Massachusetts- Connecticut: 9.1%

9. Grand Rapids-Kentwood, Michigan: 6.1%

10. Los Angeles-Long Beach-Anaheim, California: 9.2%

Related News Real Estate Entrepreneurs  

Selected real estate companies

Responses